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EQR » Topics » 3. Mortgage Note Payable

This excerpt taken from the EQR 8-K filed Mar 6, 2007.

3. Mortgage Note Payable

The Property is collateral for a Discount Mortgage Backed Security (“DMBS”) mortgage note payable with an outstanding principal balance of $34,460,000 and a maturity date of November 1, 2014.  Terms of the mortgage note payable include monthly payments of interest only.  Interest on the mortgage note payable is calculated based on the discount at which the underlying three month mortgage backed security is sold in the market plus certain guaranty/enhancement fees paid to the credit support provider.  Interest expense for the year ended December 31, 2005 and the period from January 1, 2006 to September 30, 2006 (unaudited) is approximately $1,319,000 and $1,396,000, respectively, and is included in the accompanying statements.

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